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Coin Fraud Claims Filed Against International Rarities Corp

Last year we reported on a coin company in downtown Minneapolis that had hired convicted felons and ex-cons to sell gold coins to consumers. This company, International Rarities Corp. (IRC), had additionally received complaints about unscrupulous sales practices. Recently International Rarities Corp. has had allegations of coin fraud follow them into bankruptcy, and now the owner of IRC is under federal investigation for fraud.
The judge in the case has indicated that he has seen evidence of gross mismanagement, and appointed a trustee to oversee this coin company. Now it is unclear if the owner, top salesman David Marion, and/or CEO Stephen J. Hastings will be ousted by the trustee. 

An attorney brought it to the court’s attention that Marion was hired to salvage another company, Visible Customer. In 2009, Marion evaluated several coins used to secure an overdue loan; however, after the bank foreclosed, it was discovered that the coins it held were only worth fractions of what Marion had evaluated them to be worth. 

As of right now, Marion has not been charged with fraud, but agents are investigating him on suspicion of securities fraud related to expanding IRC, which failed. 

Additionally, Hastings continued to allow at least four convicted felons to continue to sell coins for IRC, which is of concern. In total, the company employed about two-dozen people who had criminal records that included forgery, fraud, bank robbery, drug crimes, drunken driving, and other various crimes. 

Many coin buyers and customers of IRC have filed fraud claims against the company for coins that the company claimed they were holding for them, worth hundreds of thousands of dollars, that the company does not have. IRC has admitted to using coins from some of their customers to pay others.

If you have been a victim of gold coin fraud, call a skilled Texas coin fraud attorney at the Voss Law Firm at 888-614-7730 for a free discussion of your case. Also, request a complimentary copy of coin fraud attorney Bill Voss’s book Coin Fraud – Is Your Investment at Risk?
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Mark Bulfer 06/05/2013 03:46 PM
I just saw this on the web, I did some checking on the coins he gave me in trade for coins I had, plain and simple, I got screwed, I gave him 14891.00 in coins and he gave me back 3 $20. dollar gold Gaudens, and told me they are worth $4,900.00 dollar, got to checking and there not, not even close to that!
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